As of the end of October, the public offering** has successively completed the disclosure of the third quarter report of 2023. The changes in positions disclosed on a regular basis by public offerings** can reflect the market risk appetite in the current and future periods to a certain extent, and are of important reference significance for ordinary investors' investment decisions.
In the third quarter of this year, the trend of the A** field continued to be weak in the second quarter, and Wind fell by 433%。The performance of the sector is still structurally differentiated, and the theme switch is fast, and the TMT sector, which performed best in the first half of the year, appeared to a certain extent in the third quarter as the popularity of AI and other themes dissipated, while new energy suffered a sharp adjustmentOil, coal, finance, real estate and other sectors with relatively weak performance in the first half of the year performed well in the third quarter due to policy stimulus and theme catalysis.
*The weak performance reflects the scale growth momentum and income performance of the public offering to a certain extent. In the third quarter, the scale of active equity** and product issuance continued to decline. With the statistical caliber of ordinary **, partial stock hybrid, balanced hybrid and flexible allocation** as the active equity**, with the downturn of the **market, as of the end of the third quarter of 2023, there were 4,281 active equity**, which was basically the same as that in the middle of the year;Share 36.6 billion copies, down 223%；*Net worth 426 trillion yuan, down 881%。
In terms of earnings performance, active equity **overall**, median earnings -649%, the best-performing Wanjia Select third-quarter yield of 1513%, mainly due to the excellent market performance of coal stocks in the third quarter, including Lu'an Environmental Energy, Huaibei Mining, Shanxi Coking Coal, Guanghui Energy, Huayang Shares, etc. The Nord Preferred 30, which was at the bottom of the earnings performance, recorded -3460% of the income, its heavy stocks are mainly Sungrow, Huarui Precision, Dike shares, Oukeyi, Juhe Materials and other photovoltaic new energy sector targets.
Chart: Best Q3 2023 performance**.
Source**: Wind
In the third quarter of 2023, active equity*** 84%, a slight increase from the previous quarter, lower than the end of the first quarter. Since the beginning of this year, the active equity has maintained a slight range fluctuation around 84%, and on the whole, under the structural level, the public offering has declined to adjust the overall level of demand, and more consideration has been given to the adjustment of the industry allocation structure under the maintenance of a certain level.
Chart: Changes in active equity*** positions.
Source**: Wind
In terms of industry allocation, since the third quarter of 2023, the allocation of active equity** has tended to be balanced, and the top 5 heavy industries of active equity** are food and beverage, medicine and biology, power equipment, electronics, and computers, which are consistent with the five major holdings in the first half of the year, but the internal order has been adjusted. It is mainly manifested in the fact that the valuation digestion has been relatively sufficient, and the pharmaceutical, biological, food and beverage sectors have suffered a relatively large increase in holdings, while the large track of science and technology with more holdings in the early stage and the new energy track of power equipment with more overallocation are still encountered.
Chart: Trend of the proportion of the top 5 heavy sectors in active equity**.
Source**: Wind
In the third quarter of 2023, the top three industries with the largest quarter-on-quarter increase in the proportion of active equity** industry allocation were pharmaceutical and biotechnology (+0.).86pct), Food & Beverage (+0.7pct), non-bank finance (+0.44pct）。
After more than two years of adjustment, the pharmaceutical sector is at the bottom of the valuation and the bottom of the **. In the third quarter, stimulated by the theme of ** medicine, institutional investors increased their positions in the pharmaceutical industry chain significantly, and the varieties with a high degree of consensus were concentrated in CXO medical services. The top 5 heavy positions** are WuXi AppTec, Hengrui Pharmaceutical, Mindray Medical, Aier Ophthalmology, and WuXi Biologics. Bank of China ** said that from the risk side of the pharmaceutical industry, the marginal impact of policy factors such as centralized procurement, negotiated price reduction, and medical anti-corruption will become smaller and smaller after digestion. From the perspective of the long-term growth logic of the industry, there are still many unmet clinical needs in the pharmaceutical industry under the background of aging and changes in the disease spectrum of residents. These sub-sectors and enterprises in the industry are expected to maintain rapid growth in performance in the coming period.
In the third quarter, the proportion of heavy positions in the food and beverage industry bottomed out**, rising to 741%, once again back to the first position of active equity ** heavy position, but the current proportion of heavy position is still below the average heavy position ratio of 18Q1 so far. In terms of sector analysis, the proportion of heavy positions in the liquor sector rebounded, the proportion of heavy positions in beer and dairy products declined, and the proportion of soft drinks and cooked foods was relatively stable. In terms of heavy positions, Mao Wulu ranked in the top three. Wanlian ** said that overall, the proportion of heavy positions in the food and beverage sector is still below the historical average level of heavy positions. In the context of weak macroeconomic recovery, the valuation of the food and beverage sector is still under pressure, but there are signs of stabilization supported by consumption stimulus policies, and the allocation can be appropriately increased.
In addition, it is worth noting that in the third quarter, active equity** increased its holdings in the non-bank financial sector, with an increase of +044pct, of which insurance and brokerage companies increased the most month-on-month, among which Ping An of China, Hong Kong Stock Exchange, Huatai**, China Pacific Insurance, and CITIC ** are among the top 5 largest holdings. IB** said that the historical active ** non-bank sector position range is 093%-15.30%, the current non-bank sector position ratio is 106% has fallen to the all-time low. We continue to be optimistic about the valuation repair space of the brokerage sector catalyzed by the favorable policies of low valuation and "active capital market", and pay attention to the beta of the insurance sector under the economic recovery.
In the third quarter of 2023, the top industries with the largest decline in the proportion of active equity** industry holdings include power equipment (-1.).76pct), computer (-092pct), communication (-03pct), media (-025pct）。
The power equipment industry has experienced 5 quarters of continuous allocation reduction, ** has fallen from the high point of 22Q2, and the current 5-year quantile has fallen back to a medium level. Among the subdivisions, lithium battery, photovoltaic, wind power, and energy storage are basically **. The top 5** holdings are CATL, Sungrow, EVE, JA Solar, and Putailai.
Computer, communications, and media suffered a reduction in the third quarter due to the fading of the heat of related themes after a sharp increase in allocation in the first half of the year, but although the TMT sector ** fell more, the quantile of holdings is still not low. The top few heavy positions** are Tencent Holdings, ZTE, Kingsoft Office, etc.
In terms of active equity **heavy positions**, Kweichow Moutai, CATL, Luzhou Laojiao, Tencent Holdings, and Wuliangye still ranked among the top five holdings in the third quarter, but except for Luzhou Laojiao, the rest of the ** suffered **, especially the market value of CATL that suffered from the initiative**. In addition, among the top 10 heavy positions** in the third quarter, WuXi AppTec, Luxshare Precision, and Gujing Gongjiu were transferred, while ZTE, Sunshine Film, and JA Solar Technology suffered a large ** and withdrew from the top 10 positions.
Chart: Top 10 Heavy Positions in Active Equity.
Source**: Wind